Russia. Downward price persisted in the wheat market last week


Downward price trends persisted in the Russian wheat market last week. Export prices for Russian milling wheat with 12.5% protein closed the week down another $1/MT at $194-196/MT FOB Novorossiysk port for August-September delivery. Those for 11.5%-protein wheat closed the week down some $3/MT at $177-180/MT FOB Novorossiysk port for August-September delivery, reports UkrAgroConsult.

These prices are still pressured by a bearish trend in the global market and by the release of a new USDA report, where the estimate for Russia’s 2017 wheat production was raised at once by 5.5 MMT to a record 77.5 MMT.

As before, the full swing of wheat harvesting in Russia was also a bearish factor for prices.

More information on price behavior on grain market in the countries of Black Sea region is available to subscribers for weekly market report "Black Sea Grain & Oil" and "Online market review" by UkrAgroConsult.



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